Oil prices are still elevated as the global oil supply remains under pressure without a deal between the U.S. and Iran to end the Iran war.
Brent crude, the international standard, rose 0.3% to $106.27 per barrel. That is still high compared with around $72 a barrel in late February before the start of the war. Brent climbed into triple digits last month, the first time since July.
Benchmark U.S. crude edged 0.2% lower to $97.77 per barrel.
The national average for gasoline is at $4.33 a gallon on Friday, according to AAA. While that’s lower than the $4.37 a gallon that it averaged last month, it’s sharply higher than the $3.06 a gallon from a year ago.
Oil remains well-supported as uncertainties surrounding the situation in the Middle East and concerns over oil flows in the Strait of Hormuz had the market “pricing in a significant risk premium,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary Friday.
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